FRA Files Two Lawsuits Against Speed Medical⚖

Local Pickup🌇

FRA Files Two Lawsuits Against Speed Medical⚖

The FRA has filed two lawsuits against Speed Medical (SPMD).

More Details🧐 In a disclosure to the EGX, SPMD revealed that the first lawsuit concerns the company’s compliance with the regulatory disclosures regarding the acquisition of Prime Healthcare.

The second lawsuit concerns the acquisition of Al Safwa Specialized Hospital & Prime Speed Medical. 

The first hearing will take place on January 3rd, 2022.

Why is this Important🤔 SPMD had abandoned the acquisition of an additional stake in Prime Speed back in August 2021, before deciding to exit completely from Prime Speed in November 2021. That move had the FRA’s eyes rolling already.

EGX Approves Listing Shares of Nahr Al Khair for Development✅

The EGX approved the listing of Nahr Al Khair for Development’s shares.

More Details🧐 Nahr Al Khair’s EGP 200 million paid capital will be divided over two billion shares at a nominal value of EGP 0.10/share. The company can be found under the ticker (KRDI), & will be listed on EGX’s database starting Sunday, January 2nd, 2022.

Trading on the company’s shares will start after publishing the disclosure report for the purpose of trading.

Why is this Important🤔 The EGX will also determine the opening price & the first day of trading on KRDI, once financial statements & a fair value study are submitted.

Heliopolis Housing Board of Directors Accept Mountain View Offer; Discloses Details

Heliopolis Housing (HELI) board of directors has accepted Mountain View’s offer to partner on the 1,695-acre Heliopark project.

More Details🧐 HELI summarized the agreement between the two companies in a disclosure to the EGX:

  • Mountain View’s offer includes a payment in advance of EGP 1.4 billion, with 50% immediately upon signing, & 50% after 18 months.
  • Expected revenues from the project are about EGP 397 billion.
  • HELI’s share of revenues is about EGP 119 billion (~30%), & is guaranteed at least EGP 80 billion.
  • The project development period is 15 years, & the collection period for project returns is 23-25 years.

EGX Approves E-Finance Capital Increase

The EGX has approved E-Finance’s (EFIH) request to increase its paid capital to EGP 888 million.

More Details🧐 The capital increase will be distributed over 177.777 million shares, with a par value of EGP 0.50/share.

Why is this Important🤔 The increase marks more than a 10% increase in the company’s capital, which is looking to expand into different sectors through subsidiaries, & has future plans of a dual listing.

What else is Clapping👏

Global Pickup🌎

Turkish Inflation Expected Above 30% in December🎈

Turkey’s annual inflation rate is expected to hit 30.6% in December, according to a Reuters poll. 

More Details🧐 Turkey’s inflation was around 20% in recent months due to the Turkish lira (TRY) sliding to record lows amid aggressive volatility. Turkey’s central bank said that temporary factors were driving prices higher & expects inflation to follow a volatile course in the short term. 

Turkish inflation data is expected to be released on January 3rd, 2022.

Why is this Important🤔 The TRY fell as much as 2.6% on Wednesday after showing signs of rebounding last week. The drop comes as worries persisted over soaring inflation & President Erdogan’s unorthodox monetary policy.

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